Gyeongnam Province Provides 35 Billion KRW in 2022 Rural Development Fund... 18.9 Billion KRW Increase from Previous Year

Gyeongnam Provincial Government Office.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] Gyeongnam Province announced on the 17th that it will promote the 2022 Rural Development Fund Loan Support Project.

This year, the total loan amount is 35 billion KRW, supporting 28 billion KRW for operating funds needed for purchasing agricultural materials, facility and equipment rental fees, distribution, processing, and sales; 1 billion KRW for agricultural product price stabilization funds; and 6 billion KRW for facility funds needed for expansion and improvement of facilities and equipment.

The support targets are farmers and fishermen residing in the province, agricultural and fishery-related corporations and producer organizations with their main office in the province. Priority support is given to young farmers and fishermen under 45 years old and those experiencing difficulties due to COVID-19.

The support limits are up to 30 million KRW for individuals and 50 million KRW for corporations and producer organizations for operating funds; and up to 50 million KRW for individuals and 300 million KRW for corporations and producer organizations for facility funds. The interest rate borne by farmers and fishermen is 1% per annum. Operating funds are repaid in equal installments over 3 years after a 1-year grace period, and facility funds are repaid in equal installments over 3 years after a 2-year grace period.

Applications can be submitted by filling out the loan application form and business plan at the administrative welfare centers of each town, township, or neighborhood by February 4. After a self-assessment by the relevant city or county for applicants, Gyeongnam Province will finalize the recipients.

Cho Hyun-hong, Director of Agricultural Policy Division of Gyeongnam Province, said, “We expect that the Rural Development Fund loans at low interest rates will provide practical help to farmers and fishermen in difficulty, especially those affected by COVID-19, and to young farmers and fishermen preparing for stable settlement in rural areas.”